Common use of Perfection of Interest Clause in Contracts

Perfection of Interest. The Town shall cooperate with the Developer, if requested in writing by ▇▇▇▇▇▇▇▇▇, in causing appropriate financing statements and continuation statements naming the Developer or the holder of a first mortgage on Developer’s Property (Developer’s Unit) or other security interest in Developer’s rights and interest hereunder, as pledgee of all such amounts from time to time on deposit in the Developer’s Project Cost Account to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. To the extent reasonably deemed necessary by the Developer, the Town will at such time and from time to time as requested by ▇▇▇▇▇▇▇▇▇ establish the Developer’s Project Cost Account Fund described in Section 2.3(b)(i) hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary so as to perfect Developer's interest therein on terms reasonably satisfactory to the Town.

Perfection of Interest. The Town shall cooperate with the Developer, if requested in writing by ▇▇▇▇▇▇▇▇▇Developer, in causing appropriate financing statements and continuation statements naming the Developer or the holder of a first mortgage on Developer’s Property (Developer’s Unit) or other security interest in Developer’s rights and interest hereunder, as pledgee of all such amounts from time to time on deposit in the Developer’s Project Cost Account to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. To the extent reasonably deemed necessary by the Developer, the Town will at such time and from time to time as requested by ▇▇▇▇▇▇▇▇▇ Developer establish the Developer’s Project Cost Account Fund described in Section 2.3(b)(i) hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary so as to perfect Developer's interest therein on terms reasonably satisfactory to the Town.